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Post by charliebrown on Aug 10, 2018 11:22:01 GMT
There must be some progress to report since the vote concluded 2 weeks ago Lendy Support ? Still pushing and working tirelessly. Give them a few more years.
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Post by charliebrown on Aug 10, 2018 11:20:25 GMT
Companies House updated today - Tim has resigned as a director of Lendy Group and is no longer a PSC. Liam is now shown as owning 75% or more of the shares. I wonder how much Tim paid How much was in the PF
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Post by charliebrown on Aug 10, 2018 11:16:31 GMT
Since I’m desperately trying to exit Lendy I see this as 65% gained rather than 35% lost. Having said that, I think this illustrates exactly why LY is a bad “investment”. Everyone from the borrower, to the Lawyers, to the agents and of course LY are all winners, yet poor hapless investors take all the losses. This was meant to be a simple PBL with a low LTV. Badly managed, shrouded in secrecy and seemingly incompetence. Everyone comes out on top apart from investors. Looking at the loanbook it looks like the capital losses and investor pain is going to start trickling through.
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Post by charliebrown on Aug 8, 2018 17:33:41 GMT
I’m dead set against any involvement of the FCA or Ombudsman. Hopeless beauracrats that do not have any concern about the best interests of investors. I’ll ask my early question again, if the borrower borrowed million of pounds against assets he/she doesn’t own, isn’t that fraud and would be a police matter. I think threat of some jail time might lead to a faster repayment. Considering it a criminal matter that should be taken further is up to the regulator to decide, so they have to be involved for that to happen. The FCA is the prosecuting authority in these cases. www.thelawpages.com/prosecution-authorities/prosecution-authorities.phpIMO it is not out of the realms of possibility a formal complaint about some stuff that has gone on on p2p sites could end up with criminal charges. If a p2p platform becomes aware of criminal activity on their site they have to inform the FCA and it is then up to them if anything is taken further. I’d agree. I haven’t followed every p2p loan but there’s some such as Whitehaven, these art loans and at least 1 over on Lendy that look like potential or blatant fraud cases. I wasn’t aware that FCA involvement is required for a crime to be called a crime.
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Post by charliebrown on Aug 8, 2018 17:17:58 GMT
I’m dead set against any involvement of the FCA or Ombudsman. Hopeless beauracrats that do not have any concern about the best interests of investors.
I’ll ask my early question again, if the borrower borrowed million of pounds against assets he/she doesn’t own, isn’t that fraud and would be a police matter. I think threat of some jail time might lead to a faster repayment.
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Post by charliebrown on Aug 8, 2018 16:56:31 GMT
Where FS has a truly awful reputation but seemingly doesn’t care and are spending all their efforts on originating new loans and very little effort or emotion on any type of recovery action my conclusion would be that the owner’s plans are short term not long term.
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Post by charliebrown on Aug 8, 2018 12:26:21 GMT
I think the LEndy situation shows how quickly confidence can evaporate. If the “predicted mega failures” do fail spectacularly then I think FS are finished. On top of that, there’s the examples of absolute bewildering incompetence and negligence such as Whitehaven and the art loans etc. Any single one of these examples of extreme incompetence just as isolated cases would be enough to stop most sane people handing over their money. I read somewhere that the platform is run by a glue salesman or at least someone who doesn’t have a background in this space, and it really shows.
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Post by charliebrown on Aug 7, 2018 12:15:41 GMT
Maybe FS are content to have the pack barking up the wrong g****ery ... Judging by the complete halt in investments (see secondary and primary markets...), I think FS should not be happy at all. The point they admitted being challenged and not able to sell the security is HUGE. This should be their core business. So, whoever is the borrower, be sure, FS is coming out very badly from this story. They’ve already had Whitehaven. Do they really care that they will look bad, they already look bad. My question is, if FS lent our money against assets that the borrower doesn’t actually own what recourse do we have against FS. Also, if the borrower obtained money against assets he/she doesn’t own then isn’t that fraud and it might be a legal matter. What a mess.
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Post by charliebrown on Aug 7, 2018 12:00:28 GMT
Are they bigger than LI? >536M vs >400M. Perhaps they are excluding them as P2P but they are direct lenders facilitating online, secured lending like Tim used to. LendInvest are much bigger than Lendy. LI has originated £1.65bn in loans compared to Lendy at £409mm. It worth remembering that Lendy did their first loan in 1H13. It took them until 4Q15 to get origination volumes up to just £50mm. They then had an explosive expansion to £300mm by just 2Q17 (so £250mm in just 15 months). So far this year they have printed just £49mm in loans. This compares to LI at £259mm. In fact, looking at property P2P lenders, Lendy are now fourth after LI, Octopus (£80mm) and Landbay (£60mm). In terms of volumes in 2018 for all P2P lenders, they rank number 10 with FC, Zopa, RS, AC, MarketInvoice and Folk2Folk all ahead of them. At one point they probably ranked number 4 or 5. Volumes are not everything, of course. Lendy's edge vs. other platforms was the margin they extracted from lenders. That huge margin, combined with £250mm in origination in just 15 months, was the reason for the large profits (it was also this expansion which caused the legacy problems). Their team is now much bigger than in 15/16. Combined with lower volumes, you would expect their profitability to have diminished. Lendy is the biggest originator of default loans. I think that’s what they meant to say.
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Post by charliebrown on Aug 6, 2018 12:14:12 GMT
wow how can anybody make money by lending on Lendy then? If nobody can then how does it still exist? 2 excellent questions. Reported interest rates from forum members are extremely poor and the chances of capital losses are high. Lendy doesn’t think it’s a problem and have chastised lenders for not lending enough and not lending quickly.
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Post by charliebrown on Aug 6, 2018 11:43:29 GMT
I guess I’d be one of those they’re targeting. I could stump up 50k (without selling my house and notwithstanding the fact that I have many times that amount stuck in existing defaulted LY loan). However, having experienced LY over the last 2 years, why would I? Why would anyone? Where is this “strong interest” they refer to coming from? They’re offering up to 10%, with “up to” being the important terminology. There’s no way LY can return 10% based on their current performance. Also, once a loan defaults it cannot be sold and experience suggests it often takes much longer than 365 days to resolve so how are they going to give people their money back after 365 days?
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Post by charliebrown on Aug 5, 2018 10:13:45 GMT
Lendy is required to balance the requirements of borrowers and lenders. Adopting your proposal would disadvantage borrowers. I do not agree. LY needs to be more selective on who they lend money to and be tougher on enforcing loan T&Cs. Good borrowers would still come, and the borrower’s that are put off are the ones we don’t want. What requirements of borrowers are you talking about? The requirement to offer to repay less than they borrowed? Or the requirement to get interest free loans for a few years without repercussions?
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Post by charliebrown on Aug 5, 2018 10:08:06 GMT
last 5 updates say the same thing. come on lendy you have given away 7 millions of our money to a BVI company and you need to let us know what is being done to return our funds as this thing was all over within a few months.LENDY you are answerable for your actions when being entrusted with lenders monies.come clean about all these b*lls ups and try to build your reputation back.a lot of us on here have been with you for a long time. we were/are the foundations that you have built your business on and you are letting them crumble.months and months of the same update just does not seem like progress at all.your quest for P2P supremacy is surely going to back fire on you. Well said, rocky. If only they’d realise that and a give a damn they’d be a much better company. I think any improvements would start with their attitude.
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Post by charliebrown on Aug 5, 2018 2:44:03 GMT
I must have been 1/2 asleep when I invested in these. Luckily I didn’t put much in. I’m pretty much expecting these to be a total loss for investors. Where are 7 big wooden sheds even being stored? These are more a liability (storage costs, deteriorization and depreciation) than an asset. Can someone put these at the top of the FA League of Failures. Actually if they’re looking for somewhere to store them they could put them on the Whitehaven site and create a AirBnB income stream.
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Post by charliebrown on Aug 5, 2018 2:32:51 GMT
Agree with the first para, but I invested on the grounds that the security was validated and available. It's beginning to sound as if recovery will be more down to luck than judgment, involving a significant amount of effort (and cost?) which should have been avoided. This would appear to be within FS's core experience of straight pawn, so if that's flakey what hope is there? I agree, the loans were sold on the fact they were secured on these assets. If it turns out later down the line there was nothing actually secured on these assets then they were mis-sold. If there is not a full recovery and interest I will be straight to the Ombudsman. I am in several of these loans and will be doing the same. I also won't let FS drag it out for 2 years+ given we already know there was not the security on our money that was advertised. It’s worrying that we’ve invested millions in this mess and our greatest and most fearsome weapon is to say we’ll tell the ombudsman. A bit like telling a delinquent bully you’re going to tell the teacher after he stole your lunch money.
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